Federal ministers of the caretaker government are addressing a press conference to brief reporters about a meeting of the Special Investment Facilitation Council (SIFC) held today.
Addressing a press conference in Islamabad with Finance Minister Shamshad Akhtar, Commerce Minister Gohar Ejaz and Power Minister Mohammad Ali, Interim Information Minister Murtaza Solangi said ordinarily a press release was issued on the particulars of the SIFC meeting for the day but federal ministers would now regularly hold press conferences and provide details on what was discussed.
Solangi said today’s meeting focused on reducing government expenditure, reducing the circular debt, removing obstacles to foreign investment and improving the performance of state-owned enterprises.
“A lot of time was spent today [in discussions] on curbing smuggling in the country, whether of finished products or petroleum products or foreign exchange,” he said.
Solangi said the meeting also had a detailed discussion on the “misuse” of international agreements that the country was a signatory to and measures to stop it.
Commenting on her ministry, Akhtar said the meeting had decided to adopt a “whole-of-government” approach to the finance ministry’s various divisions and would operate “holistically [and] consistently as a team”.
She said it would be an “important change” so the segments in charge of managing the economy would work together. “Our cabinet subcommittees have been institutionalised … so now we are having full-fledged intergovernmental discussions,” Akhtar added.
“We are making a sincere effort to define our roadmap for augmenting the country’s macroeconomic management for which the anchor is fiscal stability and coordination with monetary police, as well as external policy.”
Akhtar further said the government wanted to revive the economy and was beginning the process to determine the necessary steps to “jumpstart” it.
She added that the interim government was also attempting to enhance the various aspects of the social safety net amid the implementation of a structural adjustment reform programme.
Akhtar pointed out that financial inclusion was the most important and “far-reaching” sphere of the social safety net and work on it would be expedited to provide opportunities for financial empowerment to citizens, the agriculture sector and small and medium enterprises.
More to follow.
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